The annual report shows that the director RC Barnett sold 160k...

The annual report shows that the director RC Barnett sold 160k shares during FY2006. He retired as director about 25/11/05 so if the shares were sold after that date no problem BUT there was no final director's interest notice ever issued after his retirement, so it looks like we will never know.

The annual report also shows that Melrose sold 11mil shares during FY2006. This is in direct conflict with the change in substantial holders notice issued on 16/8/06, (where his 2.5mil holding under his own name was transferred to his margin lender [although that actually happened in February], the total number held by the margin lender is stated as 26mil shares as at 15/8/06), and the final directors notice of 24/8/06 which also states that he had 26mil shares at that date. Then there is the unexplainable reduction in his holding to 14mil shares at 31/8/06.

If Melrose did in fact sell 11 mil shares during FY2006, then there has been a failure to lodge the required change of director's holding and change in substantial holding notices.

Does anyone know when these notices are required to be lodged, and the penalty that applies if they are not?

If the annual report contains false information about the 11mil shares being sold during FY2006, then there has, as minimum, been a failure to lodge a change in substantial holding notice. If the shares were sold between 1/7/06 and 23/8/06, then there has also been a failure to lodge a change in director's interest notice.

Either way, Melrose managed to sell his shares for at least 50% more than the current price